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The Publisher of Newswatch Times and Group Managing Director (GMD) of Energy Group, Dr. Jimoh Ibrahim, has described the current visit to Nigeria by the International Monetary Fund (IMF) team, led by the Managing Director, Christine Lagarde, as a means of campaigning for economic conditionalities and a waste of time.

Ibrahim said the IMF’s advice was wrong, especially at a time when Nigeria, like some oil producing countries, needs assistance and support to continue to put into implementation viable government policies.

The GMD said the IMF boss’ statement on the economy is traditional and full of strategic misrepresentations, explaining that the IMF boss had a free day in creating an atmosphere for re-colonizing the Nigerian economy and advised the Federal Government to run away from such unsolicited pieces of advice.

He said President Muhammadu Buhari should learn from General Ibrahim Badamosi Babangida, who handed over the economy to the IMF by taking specific loan, only for the economy to be destroyed with the Brettenwoods organization’s painful and colonial conditionalities.

“The government of General Babangida was simply put to an end in economic terms by the Structural Adjustment Programme, an IMF baby which remained the foundation of Nigeria’s problem,” he said.

Specifically, the Energy Group GMD described the advice by IMF boss to Nigeria “not to be rigid in economy policy as an indirect way of asking for devaluation of the naira and campaigning for ‘about to come’ IMF conditionalities, knowing very well that Nigeria may ask for assistance.” He said this was uncalled for and a waste of time by the IMF.

Ibrahim said this was complete disrespect to the integrity of Nigeria as a nation, wondering whether “the IMF can give the same advice to President Barack Obama of the United States.”

According to Ibrahim, “10 things are likely to be the areas of advice of IMF, which are already a stereotype,” insisting that “the IMF boss has not said anything new.”

He explained that the 10 areas were developed by Professor John Williamson. “They are usually fiscal policy, reduction of public spending, tax reform, interest rate, competitive exchange rate, trade liberalization, encouragement of foreign direct investment, privatization of state enterprises, deregulation and legal security of property right,” he said.

Ibrahim accused the IMF boss of broader line plagiarism for not acknowledging Williamson’s ideas and using the ten-point agenda for developing countries and, more importantly, Williamson’s theory of asset specificity, which were frequently used without reference to Williamson.

He challenged the IMF boss about the solo policy of developing the poor and asked her to explain more whether the poor can be developed when the rich are dead or whether China or America killed the rich in their country so as to let the poor develop.

“This shows clearly to me that IMF has a hidden agenda and only time will tell,” the Energy Group GMD stresed.

Ibrahim further accused the IMF boss of strategic misrepresentation when she said the oil does not contribute enormously to the GDP, knowing very well that the Nigerian budget is funded mainly through revenue from oil.

He insisted that “the ten-point agenda is not new to Nigeria; the question we normally ask is in whose interest? The optimum bias is playing clearly in her (IMF’s boss’) statement.”

To help Nigeria from this dangerous financial lane, he challenged “the IMF to come up with practical terms by granting Nigeria loans in liberal terms when the need arises or even if it is to develop infrastructure, since Nigeria’s oil money has been used by IMF in the past to help other nations.”

Indeed, Ibrahim advised “the Federal Government to stay focused on already defined policies and agenda, saying during future visit of IMF, it will be enough for the Minister of Finance and one or two members of cabinet to handle them, without involving the President if our sovereignty is to be respected.”

He said in United States of America, it is the Under Secretary to President Obama that will handle such correspondence or visit or a Clerk as the case maybe in Britain.

“I was surprised that IMF Chief did not make such observation at the magnitude of top government officials receiving her, which may amount to waste of precious time of government and the little resources that we have,” he stated.

By Newswatch Times


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